IBERDROLA Chairman Ignacio Galán, has been named best executive (CEO) in the European utilities sector for the fifth consecutive year by Institutional Investor magazine, based on a survey of buy-side and sell-side analysts.

The recognition follows other awards recently received by Galán, including the Top Executive of the Year in the Platts Global Energy Awards last December and three awards for best CEO in investor relations from IR Magazine.

Galán (Salamanca, 1950) joined the company as Executive Vice Chairman and CEO in May 2001, having previously been CEO of Airtel Móvil – today Vodafone Spain – between 1995 and 2001. He was also board member and managing director of Industria de Turbo Propulsores (ITP) between 1991-1995, and occupied senior management posts at the Tudor Group between 1972 and 1991.

He graduated in industrial engineering from the ICAI (Madrid), and has a diploma in Business Administration from the ICADE (Madrid) and a diploma in General Business Administration and Trade from the Industrial Organization School (EOI) of Madrid. Galán speaks English, French and Italian, and is currently the President of the Desafío Español 2007, the company set up to manage Spain’s entry to the Americas Cup, and a director of Page Ibérica and Bodegas Matarromera.

Galán’s award coincides with IBERDROLA’s excellent stock market performance, following its friendly takeover of ScottishPower, with market capitalization currently close to 51 billion euros, an accumulative share price appreciation of 32.7% so far this year and a total shareholder return of 34% since January.

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This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of IBERDROLA, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.